US M&A deal value for transactions above $100 million surged 224 percent year-over-year in February 2026, driven by a concentration of activity in larger transactions as companies pursued AI capabilities, market consolidation, and portfolio restructuring. Transactions above $1 billion rose 319 percent in value and 38 percent in volume, according to EY-Parthenon's monthly M&A activity report.

Technology led all sectors with a 540 percent year-over-year surge in deal value while volume held flat at 40 deals, as acquirers targeted AI computing assets, autonomous mobility platforms, fintech infrastructure, and semiconductor businesses. Wealth and asset management registered the strongest relative growth at 726 percent in deal value, driven by two megadeals in which firms sought expanded private markets capabilities.

Life sciences deal value rose 153 percent year-over-year, with transactions focused on in vivo CAR-T therapies, circular RNA therapeutics, and precision diagnostics. Banking and capital markets saw both value and volume expand, with deal value up 196 percent and transaction count growing 200 percent as firms strengthened balance sheets and diversified revenue streams.

Oil and gas and chemicals deal value rose 195 percent year-over-year, with buyers focusing on cost-competitive production assets while sellers shed non-core positions. EY-Parthenon projects continued dealmaking momentum through 2026, tempered by geopolitical volatility and elevated energy prices creating uncertainty around cross-border deal execution.

Source: EY-Parthenon -- https://www.ey.com/en_us/insights/mergers-acquisitions/m-and-a-activity-report